Ethereum Classic Pumps 45% in Past 7 Days – Can Rally Resume?

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The current price of Ethereum Classic is $24.51, with a 24-hour trading volume of $819 million. CoinMarketCap now ranks #22, with a live market cap of $3.3 billion. There are 135,993,128 ETC coins in circulation, with a maximum supply of 210,700,000. On Monday, ETC opened the day at $25.54, and after reaching a top of $25.76 and a low of $24.16. Ethereum Classic pumps 45% in seven days, and dropped 4.79% in the past 24 hours. The ETC/USD pair is consolidating at $24.98 and is unable to gain any particular direction.

Ethereum Merge Remain in Highlights

Recently, the announcement of the decision to switch from proof-of-work (PoW) to proof-of-stake (PoS) has put the Ethereum community in an unbalanced position. Thus, some Ethereum holders and miners may switch to Ethereum Classic, a blockchain that employs proof-of-work as its primary consensus algorithm.

According to a schedule established by Ethereum core developers, the Ethereum Merge might take place in September 2022. As the alternative coin switches from proof-of-work to proof-of-stake, it might cause the price of ETC to rise. The Ethereum chain will undergo a fundamental change soon, and cryptocurrency miners are already seeking other ways to make money as they will no longer be able to mine one of the largest blockchains in the sector. One of the choices may be Ethereum Classic.

Remarks by Vitalik Buterin on Ethereum Classic Support ETC

The inventor of the Ethereum blockchain, Vitalik Buterin, said in his most recent speech that users who enjoy POW might think about switching to the entirely “fine-chain” Ethereum Classic. Buterin further says that several chains, like Ethereum Classic, have stayed true to their initial goals after the DAO underwent a fork. It is a friendly community, and I do not doubt they will welcome many proof-of-work supporters there. However, the inventor’s statements on ETC will significantly influence its price, as more miners will employ it, and its price may rise due to this speech.

Ethereum Classic Surge 45% following Buterin Speech 

Vitalik Buterin recently spoke about Ethereum Classic and its community at the Ethereum Community Conference. The co-founder of the largest altcoin network confirmed that ETC is the original Ethereum chain and that the blockchain was still present before the attack. Buterin reiterated that his comments about ETC were correct and that the Ethereum Classic network had not changed due to the attack.

As a result, he considers the Ethereum Classic chain to be the original Ethereum chain. The weekly gains of the Ethereum Classic (ETC) had been surpassed prior to Buterin’s remarks about the coin. As a result, if there are issues or errors with the Merge, Ethereum users can switch to Ethereum Classic. Users will have no trouble adapting to the ETC network if they move because it uses a consensus algorithm similar to the proof-of-work version of Ethereum.

Ethereum Classic Price Chart

ETC/USD Daily Technical Levels

Support     Resistance

25.05          26.30
24.56          27.06
23.78          27.55

Pivot Point: 25.8147

Ethereum Classic Pumps 45% –  Technical Outlook

Despite a solid bullish bias and 45% gain in seven days, ETC is unable to break through the $26.90 double-top resistance level. The coin has formed a “Doji and Spinning Top” candlestick pattern, indicating investor indecision.

Leading technical indicators such as the RSI (relative strength index) and MACD (moving average convergence divergence) are above 50. Both indicators indicate a solid bullish bias. On the daily chart, ETC crossed over the 50-period EMA (exponential moving average), showing a bullish bias among investors. The EMA line is likely to support the ETC coin at $17.38, which is significantly lower than the current market price of ETC.

Traders of ETC may face significant resistance at the $26.90 level. On the other hand, a surge in Ethereum classic demand could push the price past the $26.90 level, exposing it to the $30.10 and $33.05 resistance levels. Support for Ethereum Classic could also be found near $22.55 and $18.70. Keep an eye on ETC’s double top resistance level of $25.85; above this level, ETC traders may go long, and vice versa.

Following the latest updates in the Ethereum Classic price, those interested in getting in on the action can Buy Ethereum Classic from various sources. Good luck! 

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